What would you do? Pile of cash edition.

[zannej]

The major problem with that much cash is spending it without the government finding out you have it. If you think some government agency wouldn't discover you had a pig pile of cash you're wrong. Then they step in and claim it is drug money and they confiscate that big pile of cash and you are out of luck.
My buddy went to his bank and withdrew $7,000 to buy a boat. The bank asked him why he wanted the cash He said none of your business. They said if he didn't give them a reason they wouldn't give him the money. He said he was going to buy a parakeet. They wrote that on their form.
I'm going to make a withdrawal next week and it will be interesting to see if I'm asked.

Sounds to me like the banker was just being nosy. I'm annoying so I would have asked to see in writing the specific bank policy that required disclosure of what I wanted to buy.
As an aside, I wonder what bank polices are on talking about customers-- I would expect some sort of loose NDA of sorts to protect privacy when it comes to gossip. I got a banker fired once for running her mouth about my family when she shouldn't have been discussing customers at all.

 

[Morgan101]

Has anyone seen the movie Second Hand Lions? One of my favorites. That is exactly what I would do. I would keep it in a safe rather than a room, but nobody would know I had a penny. No bank would ever be involved. Remove it in small enough increments that nobody would be suspicious.

 

[Cnsper]

When the bank told me they would not give me my money and the amount was less than 10k, I would immediately request the account be closed and my money turned over to me.

Gets their attention if it a significant amount. Think Beverly Hillbillies

 

[Sentry18]

The reporting used to be any amount $10,000 or above but now banks are recommended to report any amounts over $5,000.
The banks I have dealt with for the past several years treat me like a criminal when I deposit or withdraw any amount over a thousand or so.

A recommendation is not a requirement, so it is just an internal bank policy whether or not to do so.

The only time I have ever been asked was 2 years ago when we took our $24,000 to buy an SUV. I pulled out $8,000 just last May and $5,000 this last fall and no one said a word to me.

 

[Weedygarden]

There are a couple of banks that I have heard of that no one should be doing business with, but they are national and keep on keeping on. One bank wouldn't cash a check for someone who had an account with them, and had enough money in their account to back the check. Person had done business with them for decades, but all of a sudden decided to give a customer with no problems a hard time. Same bank, another location, had been doing business with a cousin of mine for decades. Around 2008, they decided they were going to give him a hard time and talked about calling in his current loan, long before the contracted time. His family happens to have lots of money, one of the wealthiest in his area. He made a plan and took all of his business to another bank, a local one.

 

[Morgan101]

I would 100% agree with closing my account, and taking my business elsewhere if I received any flack about making a withdrawal. My money, and my business. If you don't like it take a long walk off a short pier.

That said you guys are doing much better than I. I never had that much to withdraw, and I never had any trouble getting my $42.50.

 

[Supervisor42]

His family happens to have lots of money, one of the wealthiest in his area. He made a plan and took all of his business to another bank, a local one.

This is the only thing they understand.
You can bet after he moved his account, he told all of his relatives and friends too.
Like when Capital One sent me a nice letter explaining they were cutting my credit limit in half because I wasn't "using enough of it".
I called them and explained that I relied on it in case of emergency, my credit score was 848, and I've never been late or missed a payment. I did EVERYTHING right.
They wouldn't reconsider so I cashed out $450 in reward points and parked the card in my dresser drawer.
It's been there ever since. The $1500 per month business goes to BOA instead.
They love me.

 

[Weedygarden]

It's been there ever since. The $1500 per month business goes to BOA instead.

It might be BOA that was not the best, I don't remember. I've used a credit union for decades.

 

[Sentry18]

I've used a credit union for decades.

We do too.

 

[Bacpacker]

It might be BOA that was not the best, I don't remember. I've used a credit union for decades.

Same here.

 

[Sentry18]

It might be BOA that was not the best, I don't remember.

Pretty sure Wells Fargo just got fined Billions of $$$ for screwing over their customers. After just being fined a Billion $ in like 2018 for the same thing.

 

[MoBookworm1957]

I use credit unions.
Have for decades.

 

[backlash]

The place that asked my friend was his credit union where he has been a member for over 20 years.

 

[Supervisor42]

The place that asked my friend was his credit union where he has been a member for over 20 years.

He needs to bring them a good ol' fashioned

This is America.
We consumers run this place!
Not banks.
They make their living from us, not the other way around.
We don't have to bow to them

Tell him there are numerous banks slugging it out trying to get his business.
He doesn't have to put up with crap. He should give his bank/credit-union a 'pink-slip'.

 

[Weedygarden]

Pretty sure Wells Fargo just got fined Billions of $$$ for screwing over their customers. After just being fined a Billion $ in like 2018 for the same thing.

It was Wells Fargo that was involved in those two situations I talked about. I do not understand why anyone would do any business with them, ever, when there are so many options. My credit union has a reputation for being very conservative. I used to read the financial information in the Sunday paper and the one I bank with always had the safest rating in the area. That's the kind of place to do business with.

 

[Weedygarden]

This was fun to read through today. Interesting that I still think the same thing.

I would find out the total amount of money. I would tithe 10%. I would also get a financial adviser and get suggestions and advice about what to do with the money. I would keep my mouth shut to everyone else.

I would search for land that would be able to be farmed and developed. Then, map out a plan to develop a property that would be self sustaining and defensible, as much as possible.